With life insurance being such an important policy, we believe that everyone should be well informed on it. Many times, people pass on life insurance because they do not fully understand it.
What is the difference between term life and whole life?
Term life will cover a period of your life- whether 5 years or 30 years, you will be covered for exactly that time frame. It offers lower premiums for higher coverage. Whole life will cover your entire life as long as you continue to pay the monthly premiums. These are higher premiums than term life, but in the long run, it is much more valuable.
What age should I purchase life insurance?
There is really no specific age to purchase life insurance, though many experts suggest that you should have coverage when you are in your 20’s or married. Once you are married, you have more responsibilities and share your life with someone. It’s important to keep them covered if something should happen to you.
Do I need life insurance if I am single?
Many people do not feel the need to insure their life if they are single- but do you have a family? If something were to happen to you and you are not insured, they would be burdened with your funeral costs. That is the last thing your family needs during such a horrible time. Any debts or loans you leave behind may be passed on to them. Basically- yes, you should have life insurance even if you are single.
How will smoking affect my life insurance?
If you are a smoker, you should expect to pay a little more due to the risks associated with smoking. No, you cannot lie to about it- there will be medical tests conducted and nicotine will show up.
There are a million other life insurance questions that are left to be answered. It’s impossible to cover it all in one blog post! But remember, at Dagley Insurance and Financial Services, we are always to clarify any questions or issues you may have with your insurance policy. Whether you want to know more about life insurance, health insurance, Texas business insurance or even renters insurance, we are here to help!